According to Bangkok Post, New Zealand’s government is set to make it illegal for foreigners to buy homes there.
Prime Minister Jacinda Ardern announced last month that she plans to introduce a new law in the coming weeks. She explained that this law is intended to stop foreign buyers from pushing prices up and to make it easier for New Zealanders to buy homes.
Under this new legislation, foreigners who are New Zealand residents will still be able to purchase real estate. Foreigners looking to build their own homes will also be able to buy residential land in order to do so.
The change is expected to come into effect in early 2018.
Land purchase in Thailand is restricted to Thai nationals. Various legal mechanisms have been employed by attorneys to circumvent this prohibition. In turn, the Thai government has implemented new laws to prevent the circumvention of the Thai land purchase law.
Read the full story here
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Image: Brian NZ
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